Sany Heavy Industry Co Ltd (600031.SH), the listed unit of Sany Group, has taken over another of its parent’s subsidiaries to avoid internal competition, the Shanghai Securities News reported. It will pay US$290.30 million (RMB1.98 billion) for Sany Heavy Machines, despite the subsidiary being valued at US$322.56 million (RMB2.20 billion). Sany Heavy Machines earned US$21.35 million (RMB145.6 million) in net profit in 2008. It is expected to earn US$55.71 million (RMB380 million) in 2009.